Homeowner's insurance

(redirected from Homeowners Insurance Policies)

Homeowner's Insurance

Insurance that the buyer of a private residence purchases providing coverage for most damage to the residence. Typically, homeowner's insurance covers damage from fire, deliberate or accidental destruction of the home by a person, and other, similar matters. Nearly all homeowner's insurance policies exclude acts of God like earthquakes and floods from coverage, though one may buy supplementary policies to cover these eventualities.

Homeowner's insurance.

Homeowners insurance is a contract between an insurance company and a homeowner to cover certain types of damage to the property and its contents, theft of personal possessions, and liability in case of lawsuits based on incidents or events that occur on the property.

To obtain the insurance, which is based on the value of the home and what is covered in the policy, you pay a premium set by the insurance company.

For each claim there's generally a deductible -- a dollar amount -- that you must pay before the insurer is responsible for its share. If you have a mortgage loan, your lender will require you to have enough homeowners insurance to cover the amount you owe on the loan.

Homeowners insurance policies vary substantially from contract to contract and from insurer to insurer as well as from region to region. Almost all policies have exclusions, which are causes of loss that are not covered. All the coverage and exclusions of a particular policy are spelled out in the terms and conditions.

References in periodicals archive ?
This has already been observed in the southeast of Florida where various private homeowners insurance carriers have ceased to write new homeowners insurance policies, thus reducing choice for customers.
Standard homeowners insurance policies do not cover flood damage, which is most often called an excluded peril.
Hippo is a California-based InsurTech that started selling homeowners insurance policies online in 2017, asserting that customers can get a quote and purchase coverage in 60 seconds or less.
Many people and properties are not covered for flooding under standard homeowners insurance policies. As a result, it is essential to purchase separate flood insurance.
PIANY has long called for standardization of triggers for deductibles in homeowners insurance policies, as insureds often do not know what incidents or damage prompt coverage to take effect and such triggers differ from policy to policy.
The addition of these new home insurance companies allows Triest Agency to provide the most competitive homeowners insurance policies to employees of these companies relocating to the South Carolina coast.
Related: 10 risk factors for homeowners insurance policies
Finally, it's important to have a separate flood insurance policy, particularly if your home is in a high-risk flood zone; most homeowners insurance policies will not cover damages caused by flooding.
Most standard homeowners insurance policies do not automatically provide complete replacement cost coverage.
While homeowners insurance policies cover appliances damaged or lost via emergencies or theft, they do not cover appliances that stop working as a result of normal wear and tear.
Since standard homeowners insurance policies do cover earthquakes, buyers must get a separate endorsement or buy a policy from the privately funded and publicly managed CEA.
"Some standard homeowners insurance policies may not include important coverages like windstorm and flood coverage.

Full browser ?